As per ESG Today, California-based Catona Climate uses carbon credits sales to finance its high-impact, nature-based carbon capture projects, which are aligned with science-based targets. Like other companies involved in nature-based carbon control solutions, Catona Climate focuses on sustainable land management, supporting reforestation efforts, while fighting deforestation.

Experts at the Intergovernmental Panel on Climate Change (IPCC) said that carbon removal solutions are required in order to keep the 1.5 degrees Celsius warming scenario in sight, stating that these efforts should scale to billions of tons per year in the coming decades.

Tate Mill, CEO of Catona Climate said that "key to the success of our carbon financing model is our ability to work with forward-thinking corporations like ENGIE to send unambiguous demand signals to the market. Those signals help us de-risk carbon investments and drive more capital through our trusted network of project developers to accelerate the development of nature-based carbon removal solutions so critical to turning the tide on climate change."

As per the agreement, the carbon removal credits will be delivered by Catona Climate from 2030 and until 2039 and Engie will benefit from fixed prices.

Jérôme Malka, Executive Committee member at Engie’s business entity Global Energy Management & Sales added that "promoting the development of high-quality nature-based carbon removal projects will contribute to decarbonizing our client’s businesses and help the Engie group reach its Net Zero objective across all 3 scopes by 2045. Collaborating with Catona to address residual emissions was a natural fit given our alignment on quality and impact, and our shared commitment to supporting projects that not only remove carbon, but also provide meaningful benefits to local ecosystems and communities."